The approach from the London-listed brewer has been rejected, but analysts believe that the Australian company may accept a slightly higher bid in due course.
The deal would not affect the Fosterís brand in the UK, where it is owned by Heineken. But if SABMiller succeeds in its bid, its portfolio would be joined by brands such as Victoria Bitter, Carlton Draught and Crown lager.
SABMiller chief executive Graham Mackay said: ďSABMiller has a proven track record of acquiring and integrating brewing companies in a way which benefits shareholders, employees, business partners and the broader community.
ďWe aim to strengthen the Fosterís brand portfolio and work with the local team to bring our innovation, global scale and expertise to the business.
ďWe continue to believe that the proposal price is attractive and offers good value to Fosterís shareholders. SABMiller can conclude a transaction quickly and will continue to seek engagement with the board of Fosterís to put an agreed proposal to Fosterís shareholders.Ē
This year the Fosterís group demerged its wine division, which is now a separate entity called Treasury Wine Estates.